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Global demand for aluminum grew by 0.8% in Q2 2021 as compared to Q1 2021, while it grew by 5.6% when compared to Q2 2020. This growth in demand is due to the recovery of downstream operation and production activities in end use industries such as packaging, construction, electrical equipment, and automotive. Aluminum prices on average increased about 15% in Q2 2021 when compared to Q1 2021. Aluminum price increase has been driven by gap generated between supply and demand; the gap is created due to supply chain constraints. There is a growing concern that China's new climate policy, which focuses on greenhouse gas emissions reduction, could limit future supply of the metal. The figure below depicts the change in demand and the price of aluminum in the past five quarters.


Quarterly Aluminum Shipment and Price Trends


Source: World Aluminum Institute, Lucintel


Figure 1: Global Quarterly Aluminum Shipment and Price Trends


North America

North American aluminum production increased by 0.8% in Q2 2021, as compared to Q1 2021 and the demand for aluminum has reached at same level when compared to Q2 2020. Automotive and Construction account for ~35% of the US aluminum consumption; an increase in demand for aluminum is expected with growth in end use markets such as transportation, construction, and increased industrial production. 

Europe

European aluminum production grew by ~1.0% in Q2 2021, when compared to Q1 2021 and it grew by 0.4%, when compared to Q2 of 2020. Demand for aluminum was driven due to the growth of various end use industries like transportation, construction, and industrial production. European light vehicle sales increased by 12% in Q2 2021 compared to Q1 2021.

APAC                                                                                                                                                         

The Asian aluminum market grew by 0.7% in Q2 2021, as compared to Q1 2021; however, it grew by 8.3% in Q2 2021, as compared to Q2 2020. The growth in demand is due to the growth in various end use industries like transportation, construction, and industrial production. China is the world’s largest aluminum producer; the production of aluminum in China grew by 8.1% in Q2 2021 as compared to Q2 2020, while production grew at a lower rate in other Asian countries during the same period. Prices have also increased considerably for aluminum and associated products in Q2 2021 and in Q1 2021.

 

The price and demand analysis on above is published monthly for various regions. Lucintel analysts collect supply, demand and price data from various suppliers and consumers on a monthly basis and also analyzes news on supply and demand issues, production, and price trends. This allows Lucintel to publish unbiased assessments on price and demand movements to help you make confident business decisions on your negotiation or business issues.

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